Cllr Peter Ormond welcomes measures to support SME

CLLR Peter Ormond has welcomed the range of measures agreed last week by the government with the aim of reducing costs for small and medium sized businesses.

The Key measures include Reopening the Increased Cost of Business (ICOB) Scheme for another 14 days, Introducing a second payment of ICOB for businesses in the retail and hospitality sectors, Doubling the Innovation Grant Scheme to €10,000, Increasing the maximum amount available under the Energy Efficiency Grant Scheme to €10,000 and reducing the business contribution rate from 50% to 25%.

Cllr Ormond also welcomed the progress on increasing the employer PRSI threshold from €441 to €496 with effect from October 1st 2024. This will ensure that employers with employees earning the weekly equivalent of the national minimum wage will pay the lower rate of employer PRSI rate of 8.8%.

“It is important that we support small businesses as they are the backbone of the local economy and provide much valued employment in our communities. The small and medium enterprises are vital to the success of our communities in the Birr Municipal District,” he said.